HISTORY

BriefHistory

ICFAL was formed in 1998 by a group of highly motivated volunteers and is one of the leading Islamic Finance provider operating in NSW, ACT, Western Australia, Queensland, Victoria and South Australia providing Shariah-compliant finance for housing, vehicle and community infrastructure.

It now has 3200 plus members with over $34 million in Member Share Fund with a $4.25 distributable net profit per share in the financial year of 2018-19.

ICFAL has its offices in Parramatta, Western Sydney and now employs five staff members in order to operate as a professional finance organization complying with Islamic financial guidelines within the stringent Australian regulations and laws pertaining to financial institutions.

The idea of ICFAL was catalysed when one of the foremost authority on Islamic finance Mufti Muhammad Taqi Usmani visited Australia during the late nineties and exhorted the Muslim community to initial Shariah-compliant financial institutions in order to avoid usury/interest. This ICFAL was formed in 1998.

ICFAL offers line of products, which include General Membership, Children’s Education Fund, Superannuation Fund, Hajj Fund, Burial Expense Fund as well as finance products like property finance, car finance and Qard Hasan.

All products of ICFAL have been designed to strictly follow Islamic Shariah law and supervised by a Shariah Advisor. All products have been described separately in this document.

ICFAL has celebrated 20 years of successful operation in Sydney on 20th March 2018, which was the result of extreme hard work and dedication by its founder members, professionalism in day to day activities, maintaining trust among the members by offering 100% halal products in the simplest way for members to understand as well as allocation of fund for donation to social activities for example building mosque, Islamic institutes, schools etc.

ICFAL IS:

100% Member Funded

Islamic Shari’ah Compliant

Supervised by renowned Islamic Scholar

ICFAL does not invest in the following sectors:

ICFAL does not invest in companies, which are directly active in, or derive more than 5% of their revenue (cumulatively) from the activities as follows (“prohibited activities”):

Alcohol: distillers, vintners and producers of alcoholic beverages, including producers of beer and malt liquors,owners and operators of bars and pubs.

Tobacco: cigarettes and other tobacco products manufacturers and retailers.

Pork and pork related products: companies involved in the manufacture and retail of pork products.

ICFAL does not allow investment in the following activities:

Islamic Shariah investment principles do not allow investment in companies deriving income from interest or companies with large income portfolio based on interest earning. Any company or individual involved with such companies for business activities generating significant income deem non-compliant and strongly advised against it.

ICFAL does not allow portfolio build-up based on interest at any ratio

In ICFAL we believe interest (Riba) is forbidden in any form and there is no way of purification once earned and included in the asset holding and income portfolio. Therefore, we do not allow any interest-bearing fund in the form of any investment or finance to be part of our portfolio regardless of ratio. We believe in simplicity and peaceful investment and finance, which is not binding by any complex structure, which may elude members and create confusion among them. ICFAL operates based on member investment only and extends secured finances from the funds available rather than borrowing interest bearing fund from conventional commercial banks.

Our Shariah Compliant Investment Products – ICFAL at a Glance

Invest in Peace

100% member funded

Secured Investments

No interest paid/received to/from banks

No interest paid/received to/from members

Fairness and equality for the benefit of members

Membership Eligibility

Temporary or Permanent Resident or Citizen of Australia, Work permit holder, students